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 Midway Tax Increment Finance District – Chicago, Illinois
Chicago's Department of Planning and Development sought land in the Midway TIF District—near the Cicero Avenue interchange of the Stevenson Expressway—to accommodate development of a new industrial park and/or hotel conference center.
AREA was retained to appraise the identified parcels, which were improved with single-family homes, commercial trucking and truck repair facilities, a metal-recycling facility, and a self-serve gas station.
Opus Center – Minnetonka, Minnesota
Opus Center is a 12-year-old, 10-story, Class A office building containing roughly 321,000 square feet of net rentable area. AREA appraised the the market value of the leased fee interest in the property in its "as is" condition, enabling the client, Wells Fargo, to reevaluate the collateral of an existing loan that encumbered the property.
Downtown Cincinnati Office Building – Cincinnati, Ohio
AREA's appraisal of 525 Vine Street—a 12-year-old, 23-story, Class A downtown office building containing nearly 400,000 square feet of net rentable area—was prepared for the exclusive use of Teachers Insurance and Annuity Association (TIAA), to assist them with review and valuation of their portfolio.
Northwest Suburban Detroit Office Building – Bloomfield Hills, Michigan
AREA prepared an appraisal on this 10-year-old suburban Detroit Class A office building to assist the prospective lender—Teachers Insurance and Annuity Association—with review and valuation of the collateral underlying its potential first mortgage position.
Chicago Transit Authority (CTA) Blue Line Rapid Transit Project – Chicago, Illinois
CTA plans for renovating the Douglas extension of the Blue Line called for acquisition of 20 properties adjacent to the line's vintage elevated stations. AREA, as subcontractor to T.Y. Lin International Bascor, prepared full narrative appraisal reports on the affected parcels, which included vacant lots, two-flats, store-front apartment buildings, and commercial buildings. All but two involved full takings. The CTA was successful in negotiating the acquisitions and is currently in the process of renovating and expanding the stations.
Chicago Skyway Tollway (I-90) Road-Widening Project – Chicago, Illinois
On a team assembled to assist Chicago's Department of Transportation with the acquisition, planning, engineering, and construction needed for widening of the Skyway, AREA prepared Illinois Department of Transportation (IDOT) form appraisal reports on 10 parcels that abutted the existing right-of-way. The reports were used in negotiations with property owners to compensate them fairly for partial takings, permanent easements, and temporary construction easements.
Other selected valuation reports:
- Various residential, commercial and industrial properties, appraised on an as-needed basis to assist the Chicago Housing Authority (CHA) with dispositions and lease negotiations.
- Properties located in the Illinois Medical District on Chicago's Near West Side.
- Insurable value estimate of a suburban Chicago church, including all furniture, fixtures and equipment.
- Analysis of license fees and associated contract terms for rooftop antennas (and associated transmitting and receiving equipment) for downtown Chicago.
- Rent comparability studies (RCS), conducted in accordance with HUD guidelines, on numerous apartment holdings throughout Illinois.
- Historic easement donations on a variety of office buildings and other properties, including a resort near French Lick, Indiana.
- Support to legal counsel concerning the appeal of ad valorem assessment of a 1,036,845-square-foot office building in downtown Chicago.
- A proposed corporate headquarters office facility in west suburban Chicago.
- Two strip shopping centers in Connecticut, for a Resolution Trust Corporation asset manager.
- New Orleans Center, an office, hotel, and retail mixed-use facility in downtown New Orleans.
- The Hyatt Hotel located in the Denver Tech Center.
- A 81,596-square-foot neighborhood shopping center, appraised as litigation support to legal counsel representing the lender (a major insurance company) in the mortgagor's bankruptcy proceedings.
- Proposed conversion of a 246-unit motel (near O'Hare International Airport) to a 216-unit congregate-living facility: value estimates of the facility in "as is" condition and upon completion at the forecasted date of stabilized occupancy.
- A 485-bed skilled-care nursing facility located in west suburban Chicago.
- Assistance to the lender in evaluating the collateral of a loan that was in default on a 124-unit apartment complex located in suburban Chicago.
- A 100-year-old industrial loft building located on Chicago's Near West Side, valued for a bindery company that had occupied the building for over 60 years; highest and best use was deemed to be conversion of the building for residential use.
- Ongoing support to U.S. Equities to assist in lease negotiations and disposition of various properties and vacant parcels on behalf the Chicago Board of Education.
- Valuation of properties along the abandoned Conrail right-of-way on Chicago's South Side for the City's Department of Transportation. AREA also provided support in the negotiations to acquire this roughly seven-mile-long corridor, which the City intends to convert into a bicycle path.
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